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International Investors Flock to Tehran
(Der Spiegel-Germany) Susanne Koelbl - Although none of the sanctions have been lifted, droves of Western business people are already flocking to Tehran. Iran has the world's fourth-largest known oil reserves, and the second-largest gas reserves. Business deals worth billions of euros can be made here. The planes from Europe are "full of Italians," says Daniel Bernbeck, head of the German-Iranian Chamber of Industry and Commerce in Tehran, including managers from Italian energy giant Eni. In a deal worth billions, the French are about to renew their licensing contract for supplying Peugeot components to Iranian carmaker Iran Khodro. "And the Americans are already here with ExxonMobil, Chevron Corporation and other U.S. companies," he says, adding: "They are responsible for renovating the old oil production facilities and refinery industry, as well as exploring new oil fields. That's a huge multibillion-euro business."